Meridian Capital Group Arranges $51.3 Million in Acquisition Financing for The Harbor, a Multifamily Property in Coral Springs, FL

The Harbor apartments, 790 Harbor Inn Drive, Coral Springs, FL,

Boca Raton, FL – Meridian Capital Group, America’s most active dealmaker, arranged $51.3 million in acquisition financing of The Harbor (formerly known as Innovo Living on Atlantic), a multifamily property in Coral Springs, FL on behalf of the CaraCo Group.

The seven-year loan, provided by a regional balance sheet lender, features a rate of 3.40%, one five-year extension option, and three years of interest-only payments followed by a 30-year amortization schedule.

 This transaction was negotiated by Meridian Managing Director, Noam Kaminetzky, and Senior Vice President, Jason Grimm, who are both based in the company’s Boca Raton, FL office.

Noam Kaminetzky

Located at 790 Harbor Inn Drive in Coral Springs, FL, The Harbor consists of 33 two-story buildings containing a total of 310 one- and two-bedroom units and 587 parking spaces.

 Originally constructed in 1987, the property recently underwent an extensive renovation, including a brand new 5,700 square foot club house including a climbing wall, fitness and business centers, lap pool, and a yoga and Pilates studio.

Additionally, the former leasing center was transformed into a resident lounge with a chef-inspired demonstration kitchen. All apartments were completely repositioned to feature quartz countertops, stainless steel appliances, new cabinets, hard surface flooring, screened patios, and vaulted ceilings in the second-floor units.

The Harbor is centrally located near some of South Florida’s most prominent employment centers, enjoying proximity to the Sawgrass Expressway. Boca Raton, Cypress Creek, Sunrise, Fort Lauderdale, Pompano Beach, and Coral Springs, FL are all within 20 miles of the property.

Jason Grimm

“The purchase was originally supposed to close in what turned out to be the middle of the COVID-19 pandemic," said Kaminetzky.

"With concern about the effects of the state-wide shutdown in Florida, CaraCo postponed the closing.

"Meridian worked with the lender, seller, and buyer to successfully create an agreement whereby within 10 business days after Broward County’s stay-at-home order expired, was lifted, or amended, and retail and restaurants were permitted to open, the deal would close.

"Despite the hurdles, Meridian was able to successfully close the loan on equivalent economic terms as quoted pre-COVID.”

 Added Grimm: “While most borrowers were experiencing extreme financing obstacles during the COVID-19 pandemic, Meridian was able to leverage our deep relationship with a regional balance sheet lender to help our client navigate to a successful closing.

"It was a thrilling feeling to be able to deliver a fantastic deal to a great client during this turmoil. It would not have happened if not for the decades of confidence that Meridian has built with the lender.”

Founded in 1991, Meridian Capital Group is America’s most active dealmaker and one of the nation’s leading commercial real estate finance, investment sales and retail leasing advisors.

In 2019, Meridian closed over $40 billion in financing across more than 250 unique lenders.

 Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, and healthcare and senior housing properties.

Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida, and California.

CONTACT:

Jonathan M. Stern
Managing Director
Meridian Capital Group
1 Battery Park Plaza, 26th Floor
New York, NY 10004
jstern@meridiancapital.com
Direct: 212.612.0181
Fax: 212.201.5181
www.meridiancapital.com